Average price tag on a home falls by £12 in February after record January jump

Early year price growth was front-loaded into January, Rightmove said. MoneyAverage price tag on a home falls by £12 in February after record January jumpEarly year price growth was front-loaded into January, Rightmove said.Vicky Shaw Monday 16 February 2026 00:01 GMTBookmarkBookmark popoverRemoved from bookmarksClose popoveropen image in galleryIt has been the strongest start to a year for asking prices since 2020, Rightmove said (Yui Mok/PA) (PA Archive)Your support helps us to tell the storyRead moreSupport NowFrom reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.Your support makes all the difference.Read moreThe average price tag on a home edged down by £12 month-on-month in February following a record jump of nearly £10,000 in January, according to a property website.Across Britain, the average asking price for a home coming on the market in February is £368,019, Rightmove said.In January, the average price tag on a home was £368,031.Rightmove previously said the £9,893 average asking price increase seen in January 2026 was the biggest for the month of January in its 25 years of house price studies.Over the past decade, asking prices in February have typically increased by 0.8% month-on-month.But despite the average asking price standstill in February, January’s record asking price increase for the time of year means that 2026 is still the strongest start to a year for asking prices since 2020, with prices up by 2.8% since December, Rightmove said.It said early year price growth was front-loaded into January as confidence rebounded after a prolonged period of uncertainty surrounding the autumn budget.Colleen Babcock, property expert at Rightmove, said: “Virtually flat prices in February really needs to be viewed alongside what happened in January.“After the prolonged uncertainty in the run up to the late November budget, plus the usual Christmas slowdown, we saw activity pick up again from Boxing Day.“Many sellers, some of whom had been holding back because of the budget, came to market in early 2026 with renewed confidence, which helped to drive that bumper January price rise.“But the market fundamentals haven’t changed. There are still lots of homes for sale, and buying activity isn’t as strong as this time last year, when many buyers were rushing to move before the stamp duty increase in England.Get a free fractional share worth up to £100.Capital at risk.Terms and conditions apply.Go to websiteADVERTISEMENTGet a free fractional share worth up to £100.Capital at risk.Terms and conditions apply.Go to websiteADVERTISEMENT“So in February, sellers have taken a more cautious approach by holding onto January’s gains rather than pushing prices higher, at a time when competition is high and the market is still very price-sensitive.”Rightmove said that, this time last year, a looming stamp duty deadline at the end of March was affecting the market in England, as buyers rushed to complete sales.It said that, compared with 2024, current trends look stronger.The number of newly listed properties for sale is 11% higher than two years ago, while the number of sales agreed is 9% higher than at this time in 2024.Ms Babcock added: “2026 is shaping up to be a good year to buy. Over the last three years average wages are up by around 17%, significantly outstripping property prices which are up by just 1.5% over the same period.“A more favourable mortgage rate and lending environment are both also helping to improve buyer affordability. For those who are ready to move soon, February could offer a useful window of opportunity to act before the peak spring selling season, when prices usually rise.”Matt Smith, a mortgage expert at Rightmove, said: “Last year’s review of the loan-to-income cap and reminder to lenders about stress testing flexibility by the FCA (Financial Conduct Authority), have had the intended positive outcome of enabling the typical buyer to borrow more.“On top of this, there continues to be a strong focus from lenders on helping first-time buyers, with many lenders creating new products to help eligible buyers to borrow larger sums.”Craig Webster, managing director, Tiger Sales & Lettings in Blackpool, said: “Sellers are becoming more realistic as competition remains high, but demand remai